Matching
Match the following terms with the descriptions below.
Premises:
The process of recording the appropriate part of a journal entry to the affected account in the ledger.
A place where the results of events affecting that item are recorded.
A time period between financial statements.
A listing of all general ledger accounts and their respective balances to ensure that debits equal credits.
A collection of specific asset, liability, and owners' equity accounts.
An account with an opposite balance to the normal balance of its associated account.
A ledger in a computer-based transaction system.
A journal in a computer-based transaction system.
The recorded effect of an accounting event.
The journal used to record both the account(s) to be debited and the accounts(s) to be credited.
An asset, liability, or owners' equity account whose balance is carried over from year to year.
A trial balance prepared after the closing entries have been posted.
Responses:
Contra account
Post-closing trial balance
Posting
General journal
General ledger
Accounting cycle
Journal Entry
Permanent account
Master file
Account
Trial balance
Transaction files
Correct Answer:
Premises:
Responses:
The process of recording the appropriate part of a journal entry to the affected account in the ledger.
A place where the results of events affecting that item are recorded.
A time period between financial statements.
A listing of all general ledger accounts and their respective balances to ensure that debits equal credits.
A collection of specific asset, liability, and owners' equity accounts.
An account with an opposite balance to the normal balance of its associated account.
A ledger in a computer-based transaction system.
A journal in a computer-based transaction system.
The recorded effect of an accounting event.
The journal used to record both the account(s) to be debited and the accounts(s) to be credited.
An asset, liability, or owners' equity account whose balance is carried over from year to year.
A trial balance prepared after the closing entries have been posted.
Premises:
The process of recording the appropriate part of a journal entry to the affected account in the ledger.
A place where the results of events affecting that item are recorded.
A time period between financial statements.
A listing of all general ledger accounts and their respective balances to ensure that debits equal credits.
A collection of specific asset, liability, and owners' equity accounts.
An account with an opposite balance to the normal balance of its associated account.
A ledger in a computer-based transaction system.
A journal in a computer-based transaction system.
The recorded effect of an accounting event.
The journal used to record both the account(s) to be debited and the accounts(s) to be credited.
An asset, liability, or owners' equity account whose balance is carried over from year to year.
A trial balance prepared after the closing entries have been posted.
Responses:
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